Gritstone bio Inc. (GRTS) stock declined 6.18% in the after-market, at $10.17, against its last close of $10.84 on November 24. The stock gained 6.48% in the previous trading session at a volume of 483.3 thousand. The gain in the stock seems to be continued after the company posted inducement grants the day before. After which, the stock gained $0.66 during trading and a further $0.08 in the after hours. The stock varied between $10.00 and $10.90 during the normal trading session. While in the 52-week range, it saw a low of $2.86 and a high of $35.20 at an average volume of 1.02 million. GRTS has lost 0.46% in the previous five days and gained 19.51% in the past three months. Further, the stock has gained a value of 175.13% year to date.
Founded in August 2015, Gritstone bio Inc. (GRTS) is a clinical-stage biotechnology company, which engages in next-generation cancer immunotherapies to fight various cancers.
The Inducement Grants
On November 23, Gritstone bio Inc. (GRTS) announced inducement grants under Nasdaq Listing Rule 5635(c)(4). As per details, fourteen employees of the company are granted non-qualified stock options to buy 109,000 shares with an exercise price of $10.87. These grants are inducement material to the new employees for becoming part of the company.
The vesting of the stock options is subject to the employees’ continued employment with GRTS on vesting dates over a four-year period. With 25% options to vest on the first year completion of the employees, followed by 1/48th every month after that.
GRTS’s Q3 Financial Results
On November 3, Gritstone bio Inc. (GRTS) announced its financial results for the quarter ended September 30, 2021. As per the third quarter of 2021, the company’s research and development expenses were $24.4 million. While the R&D expenses were $22.1 million for the third quarter of 2020. This increase was a result of personnel-related expenses and outside services.
Moreover, the general and administrative expenses in the quarter were $6.4 million, against $5.0 million for the Q3 of 2020. This increase had the same reasons as the increase in R&D expenses.
Further, the third quarter of 2021, saw a collaboration revenue of $2.4 million, against $0.8 million in Q3 2020. This increase was because of a collaboration agreement with Gilead.
At the end of the quarter, GRTS had cash, cash equivalents, marketable securities, and restricted cash of $216.4 million. While at December 21, 2020, the same was $172.1 million.
